30 Mar Green Finance Taskforce publishes recommendations
The Green Finance Taskforce has published its report to UK Government, with 30 recommendations aiming to unlock private finance to support the transition to a low-carbon economy.
The recommendations are grouped around ten overarching themes, including:
- Creating a unified brand for green finance in the UK
- Launching a Green Fintech Hub and Centre for Climate Analytics
- Integrating the recommendations of TCFD (Task Force on Climate-related Financial Disclosures) into corporate reporting frameworks
- Establishing a dedicated public-private green venture capital fund
- Ensuring fiduciary duty clearly states the importance of ESG issuesgreIssuing a Sovereign Green Bond.
The Taskforce, which is co-hosted by the Department for Business, Energy and Industrial Strategy and HM Treasury also identified a number of longer-term reforms, including addressing barriers to sustainable investment and considering how the prudential regime for banks and insurers might differentiate between the risks of ‘green’ and ‘brown’ assets.